Global Mutual has begun the first phase of refurbishment of Riverlabs, its 440, 000 sq ft life sciences campus at Ware.
The first phase involves the retrofit of the 2014-built, 90,255 sq ft former GSK laboratory, which should be available for occupation later this year. The work targets and EPC A rating.
Each unit will be delivered as either shell and core or fully fitted Cat B space depending on occupier requirements.
Global Mutual has instructed Morgan Lovell and Baker Hicks, both part of the Morgan Sindall Group, to undertake the work. The developer is partnering with development finance partner, Puma Property Finance to enable the transformation of the entire campus. So far Puma has provided a £46 million loan.
Jonathan Hawkes, senior business development advisor for Riverlabs said: “The start of work on site marks a shift in momentum at Riverlabs and is the start of a transformation which will further enhance the existing ecosystem, fostering innovation and interaction in a vibrant campus setting within the bustling, thriving town of Ware.
“Riverlabs provides exceptionally high-spec’d R&D facilities at the most affordable cost currently available within the Golden Triangle.
“A unique proposition within a life sciences market which is typically characterised by enormous occupational costs, for both companies and their employees.
“The extensive existing specification and infrastructure at Riverlabs facilitates a huge breadth of occupier type, removing the need for compromise and expensive additional works.
“Additionally, Ware and the surrounding Hertfordshire towns not only provide an accessible and beautiful location for staff to live but, critically, a more affordable and available one, particularly when compared with the high cost of housing in London and Cambridge.”
© Eastern Echo (powered by ukpropertyforums.com).
Sign up to receive our weekly free journal, The Forum here.
